Illinois · House Bill 5055 · 103rd General Assembly

DIGITAL WALLET APPS-INTEREST

HB 5055 Sponsored by Edgar González, Jr. Died in committee

  1. Introduced Feb 7, 2024
  2. In committee Feb 8, 2024
  3. Died  
  4. Passed the Senate  
  5. To the governor  
  6. Became law  

What it does

The legislature's own summary of the bill, or its official long title.

Amends the Illinois Banking Act. Provides that beginning July 1, 2025, digital payment applications and digital wallet applications operating in this State must pay interest to customers that are residents of the State on any financial balance stored in the application greater than $50 and that is stored on the application for more than 10 days. Provides that digital payment applications and digital wallet applications must pay interest equivalent to the national deposit interest rate for interest checking accounts, as calculated on a monthly basis by the Federal Deposit Insurance Corporation.

Every action

4 steps, oldest first, as the legislature records them.

  1. HouseFiled with the Clerk by Rep. Edgar González, Jr.
  2. HouseFirst Reading
  3. CommitteeReferred to Rules Committee · House Rules
  4. HouseSession Sine Die

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

From Illinois's official records (www.ilga.gov), checked Nov 13, 2026. Text links go to the official versions; LegiList does not copy bill text.